Punch Taverns puts £9 million into defined benefit pension schemes

Punch Taverns has made contributions of £9 million into its Spirit and Pubmaster defined benefit (DB) pensions schemes over the last six months.

The payments were agreed with trustees following the schemes’ triennial valuations. It was also agreed that additional annual contributions of £6 million will be put into the schemes until 2017.

The two DB schemes are closed to new members.

Karen Caddick, group HR director at Punch Taverns, said: “We are committed to investing in our people and recognise the importance of securing their long-term future.†

“Following the completion of the triennial valuations in each of the Spirit and Pubmaster defined benefit pension schemes, all of which are closed to new members, additional pension contributions of £9 million have been made in the half year.†

“Additional payments of around £6 million per annum have also been agreed for the Spirit and Pubmaster schemes through to 2017.

“We believe this is a responsible approach to ensure that we maintain the right level of funding for our pension schemes.”

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